Langley Court, Middlesborough, TS3 7JE

£450,000

LOCATION
Langley Court is a mixed courtyard of retail property located in the suburb of Ormesby to the South of Middlesborough city centre, surrounding a densely populated residential area. The parade serves as the main retail amenity for the area and comprises a number of mixed uses.

DESCRIPTION
An opportunity to purchase a multi-let and income producing mixed courtyard of retail units, surrounding a densely populated residential area. The parade serves as the main retail amenity for the area and comprises a number of mixed uses including a hair salon, sandwich shop, a bookmaker, a post office, a convenience store and a takeaway. Ample free parking is available on site.

All units are income producing, offering a good quality of finish internally and secure externally with mains services to each. The income schedule is illustrated overleaf however the current total income is £40,000 Per Annum, with a yield of close to 8.5% based on the asking price.

Tenancy Schedule:
Unit 1: Robin Lythe (Sandwiches). £4,000 per annum. 5 year lease, start date 2nd February 2015.
Unit 2: Chisholm Bookmakers. £4,000 per annum. 10 year lease, start date 12th December 2014.
Unit 3: Tanning Salon. £6,000 per annum. 3 year lease, start date 12th Sep 2018.
Unit 4: Hairdressers. £9,000 per annum. 5 year lease, start date 1st June 2019.
Units 5/6: Tesco One Stop. £12,000 per annum. 7 year lease, start date 15th June 2018.
Unit 7: Takeaway. £5,000 Per Annum. 10 year lease, start date 1st March 2015.

SERVICES
All mains services are connected to the property.

TERMS
The property is available to purchase freehold, with the benefit of the following incomes:

Unit 1: £4,000 per annum
Unit 2: £4,000 per annum
Unit 3: £6,000 per annum
Unit 4: £9,000 per annum
Unit 5/6: £12,000 per annum
Unit 7: £5,000 Per Annum
Total income: £40,000 Per Annum

OUTGOINGS
Rateable Value: Unit 1 £2050, Unit 2 £2850, Unit 3 £3,300, Unit 4 £6.200, Unit5/6 £7,500, Unit 7 £2,700
Uniform Business Rate for 2018/19: £0.480.
Small business rate relief may be available to some occupiers. Further enquiries should be directed to the local council.

VAT
All figures quoted are deemed exclusive of VAT where applicable.

LEGAL COSTS
Unless expressly stated all parties will be responsible for their own legal costs in connection with this transaction.

PLANNING
Interested parties are advised to make their own enquiries of the local planning authority in respect of planning proposals if any change of use is envisaged.

VIEWING
Strictly by appointment with the agent Tel: 01423 501211.

Our next auction is on 5 March 2020

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